Ultratech sharply lower after missing Q1 estimates

NEW YORK (CBS.MW) -- Ultratech
utek
shares fell sharply Wednesday after the company reported weaker-than-expected first-quarter earnings. The San Jose, California-based chip technology company reported net earnings of 2 cents a share, up from a loss of 4 cents a share a year ago. Excluding special items, earnings stood at 1 cent, below the average Thomson First Call estimate of 6 cents. Sales climbed to $26.6 million from $22 million. Shares were last down 16.3 percent at $16.83.

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